stock picking environment. >> is it a stock pickers market? that rant really been the case. >> playing the indices. >> spanish ten year tells you what will happen, but do you think that's still the opportunity to identify strong be investments? >> if you're looking at cross sectional volatility, you're seeing correlations coming down. so you can asset allocate. so there are differences between names, balance sheets. if you look in europe, there are great companies in europe. selling at a significant discount on the continent. >> you've jeust been in spain ad we're waiting to see how much more money they have to pump into the banks. what's your takeaway from that trip in terms of how it influences your thoughts? >> i was in the south end, remarkably peaceful. the demonstrations that were in madrid, i did not see in the south. but there's a real sea change now in europe and you can feel that in spain, as well. they know they're moving into something good. so i think it will be very, very interesting how that will roll out. >> steve, thanks for t